Earlier this week, consumer staples giant Procter Gamble (NYSE: PG) reported its second fiscal-quarter results. While global volumes declined 1%, revenue increased 4% as P has been impressively increasing prices, demonstrating the value of its higher-end household products. Perhaps more impressively, P's cost control and operating leverage allowed its currency-neutral core earnings per share (EPS) to rise by a much higher rate of 18%.

That is, of course, except for one item that affected generally accepted accounting principles (GAAP) earnings That came in the form of a non-cash write-down of P's prized Gillette business. Of note, Gillette was previously an independent company and a core holding of Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) throughout the 1990s before P bought the company in 2005.

While it's nearly 20 years after the acquisition, since Warren Buffett likes to invest in premium brands with incredible staying power, it's a bit surprising to see the write-down. So, what's going on here?

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Source Fool.com